Thursday, May 18, 2006
Mortgages get heavier / Brace yourselves, credit-card junkies
Delinquency rates are rising on mortgages issued last year, according to Wall Street firms. People who bought homes in 2005 faced a double whammy -- rising mortgage rates and sky-high prices. OK, "binge" borrowers, says Janet Whitman in the New York Post. Pay up. You've been "racking up credit-card debt and taking out" risky mortgages while interest rates were low. Now the "whiff of inflation" is in the air, and the Federal Reserve will have to keep jacking up interest rates "to keep inflationary pressures at bay."